Tax Rate For Single Filers For Married Individuals Filing Joint Returns For Heads of Households 10% $0 to $11,000 $0 to $22,000 $0 to $15,700 12% $11,000 to $44,725 $22,000 to $89,450 $15,700 to $59,850 22% $44,725 to $95,375 $89,450 to $190,750 $59,850 to $95,350 24% $95,375 to $182,100 $190,750 to $364,200 $95,350 to $182,100 32% $182,100 to $231,250 $364,200 to $462,500 $182,100 to $231,250 35% $231,250 to $578,125 $462,500 to $693,750 $231,250 to $578,100 37% $578,125 or more $693,750 or more $578,100 or more 1. Clarabelle Cow uses the filing status of single. She has two dependent children (both under the age of 17) and she retired from the fire department during the year. She had the following items of income and expense for 2023: Salary, prior to retirement 140,625 Interest income from Wells Fargo Bank 7,100 Interest income from Apple stock 4,220 Interest income from City of New Orleans bonds 6,870 Pension (use a 42% exclusion ratio) 12,000 Qualified dividends from Disney, Inc. 5,145 Income from illegal activities 3,850 Gift received from her favorite Aunt Carol 2,000 Unemployment compensation 1,940 Lottery winner! 5,000 Long-term capital loss (4,450) Alimony paid (divorce finalized in 2017) 3,250 Child support paid 10,000 Personal loan from her parents 7,500 Itemized deductions 12,950 What is Clarabelle’s tax liability for 2023?

Calculating Clarabelle's tax liability involves several steps. First, we need to determine her total income. 1. Salary: $140,625 2. Interest income (Wells Fargo + Apple): $7,100 + $4,220 = $11,320 3. Interest income from City of New Orleans bonds is tax-exempt, so we don't include it. 4. Pension: $12,000 * 58% (100% - 42% exclusion ratio) = $6,960 5. Qualified dividends: $5,145 6. Income from illegal activities: $3,850 7. Gifts, unemployment compensation, and personal loans are not taxable, so we don't include them. 8. Lottery winnings: $5,000 9. Long-term capital loss: We can deduct up to $3,000 of this from her income. 10. Alimony paid is not deductible for divorces finalized after 2018, so we don't include it. 11. Child support paid is not deductible, so we don't include it. Adding these up, Clarabelle's total income for 2023 is $140,625 + $11,320 + $6,960 + $5,145 + $3,850 + $5,000 - $3,000 = $169,900. Next, we subtract her standard deduction. For a single filer in 2023, this is $12,950

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